CLR Reports 3Q17 Earnings

From the company's press release:

General

• net income of $10.6 million, or $0.03 per diluted share, in line with consensus 
• capital spending in line with $1.95 billion budget 
• oil production up 12% over 2Q 2017; 58% of third quarter production was oil

Guidance Improved 

• 2017 exit rate raised to 280,000 to 290,000 barrels of oil equivalent (Boe) per day, up 33% to 38% over 4Q 2016
• annual production raised to 238,000 to 242,000 Boe per day, up 10% to 12% over 2016
• annual oil differential improved to ($5.25) to ($5.75) per barrel of oil (Bo), a 22% to 28% improvement over 2016
• 4Q 2017 oil differential expected to be ($4.25) to ($4.75) per bbl of oil

Average 24-Hour Initial Production (IP) Highlights

• Bakken: 57 gross operated wells average 1,752 Boe (80% oil) per well
• STACK Meramec oil window: 22,032 Boe (75% oil) from 10-well Compton density unit
• STACK Meramec condensate window: 6,715 Boe (28% oil) from Lorene 1-8-5XH; Oklahoma horizontal well record
• SCOOP Woodford condensate window: 41,701 Boe (11% oil) from 10-well pattern Sympson density unit; Oklahoma unit record

Other data points

• adjusted net income for 3Q17 was $32.16 million, or $0.09 per diluted share
• net cash provided by operating activities for 3Q17 was $431.4 million 

Earnings call/transcript to be posted later.

The market, CLR shares:

• before announcement, CLR closed at $43.59, down 35 cents for the day
• after the announcement, in after hours trading, up 94 ents to $44.00